The Impact Of Financing Constraints On The Innovation Activities Of The Service Industry

Innovation is the driving force of national economic growth,and it is also the key to improve the core competitiveness of enterprises.However,China's enterprises in innovative activities generally exist in the problem of insufficient investment in innovation.The main reason for the lack of innovation is insufficient due to financing constraints caused by the R&D input,this paper attempts to base on the software and information technology services to study the financing constraints for the innovation of China's service industry.Firstly,this paper briefly reviews the relevant theories,such as the financing constraints,the influencing factors of innovation activities and the effect of financing constraints on innovation activities.Then,on the basis of the existing literature,the mechanism of the formation mechanism of financing constraints and the impact mechanism of financing constraints on the innovation efficiency of enterprises are analyzed,and the relevant theoretical assumptions are put forward.Secondly,the overall analysis of the status quo of China enterprise overall R&D investment,and by comparing the developed countries R&D investment in China's enterprises overall R&D highlights the problem of insufficient investment;further analysis pointed out that the software and information service industry R&D investment situation,financing status.Again,on the basis of existing research,through the construction of investment-cash flow sensitivity index,to test the existence of corporate financing constraints.Then,through the construction of listed companies financing constraint index CFS,the following empirical test:(1)through the FGLS method to test the financial constraints effect on enterprise R&D investment intensity,and gradually add size,age,growth and a series of control variables to examine other factors of innovation input whether there is influence.(2)the DEA method to calculate the software and information service industry innovation efficiency and test the impact of financing constraints on the efficiency of enterprise innovation,and gradually added to the size of the enterprise,the proportion of cash flow and other control variables to observe heterogeneity.Finally,summarize and analyze the research results,and put forward the corresponding policy recommendations.In this paper,we draw the following three conclusions:(1)the software and information technology services industry listed companies generally exist financing constraints.Taking the software and information service industry as a typical small and medium-sized and small and micro enterprises,the financing constraints of the new service enterprises have been the key problem to improve the ability of innovation.But the special nature of the service industry and its innovation activities can not solve the problem of manufacturing enterprise financing constraints in the same way to improve the service industry's innovation ability.(2)the restraint of financing constraints on enterprise innovation investment.For this,this paper first clarifies the difference between innovation of service industry and manufacturing industry where,according to the difference between the reasonable optimization of the allocation of funds,improve the development of information disclosure,enhance the service industry of protecting innovation and broaden the financing channels of policy suggestions.(3)the financing constraints to improve the efficiency of enterprise innovation and promote the role of.Financing constraints is a double-edged sword,in the way of service innovation investment at the same time to improve the efficiency of enterprise innovation,in solving the financing constraint problem at the same time,how to ensure that one of the key problems of enterprise innovation efficiency will not be decreased or even increased also need further research in the future.